Australian Prime Minister Tony Abbott confirmed on Monday he had concluded negotiations on a free trade deal with China and the countries would be signing an initial agreement later in the day.

The landmark deal, which comes after a decade of negotiations, will open up markets worth billions of dollars to Australian farm exporters and the services sector while loosening restrictions on Chinese investment in the resource-rich nation.

"I look forward to making further announcements on this landmark agreement later today," Abbott said in a statement.